Privatisation Commission gets ‘overwhelming response’ from investors for Iesco privatisation

According to Dawn, the Privatisation Commission said on Monday that Iesco has drawn considerable interest from parties at home and abroad. Three Turkish and seven local investors have submitted expressions of interest for stakes of 51pc to 100pc, with management control. Iesco belongs to Discos Batch-I, which also includes Fesco and Gepco.

The Turkish applicants are Aktor Elektrik Enerji, Genvera Enerji and Cengiz Enerji, and all three also expressed interest in Gepco. Local names include Engro Energy, Sapphire Fibres, Novatex and Bestway Cement, plus a Hubco Power Holding-led group with Lucky Cement, Kohat Cement and Metro Ventures. Fazal Cloth Mills is in another consortium with Artistic Milliners, The Lake City Holdings, Fatima Capital and Din Ventures, and a new group led by Hasnaat Brothers Construction has emerged.

The expressions of interest and qualification statements will now be assessed against approved prequalification criteria. Those who qualify will move to the next stage and gain access to a virtual data room for detailed due diligence. Ten parties have been prequalified for Fesco, while 11 EOIs for Gepco remain under evaluation. Commission head Muhammad Ali called the response a significant step for the Discos programme.